UMich September US prelim consumer sentiment 59.5 vs 60.0 expected

• Prior was 81.2
• Current conditions 58.9 vs 60.8 expected (prior 55.5)
• Expectations 59.9 vs 59.7 expected (prior was 54.9)
• 1-year inflation 4.6% vs 5.0% prior -- lowest since last Sept
• 5-10 year inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term 2.8% vs 3.0% prior -- lowest since July 2021

The headline was close to expectations but the market is likely going to react to the inflation expectations numbers. The dip there will offer some comfort to the Fed as it looks to combat rising prices. That emphasizes the credibiliity of the Fed (along with falling gas prices) and gives them some breathing room.

There's been a small bid in the belly of the Treasury curve after the data. That said, there's been no movement in the 25% implied probability of a 100 bps hike next week.

The featured chart in the report underscores uncertainty about inflation.